Reverse For Purchase

reverse for purchase, seniors standing in front of a home.The Home Equity Conversion Mortgage (HECM)/ Reverse for Purchase allows seniors at least 62 years of age to purchase a home through a reverse mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs, or who wish to move closer to family members. Since this is a reverse mortgage product, monthly payments are not made on the new house. The reverse for purchase is a great option for seniors 62 or older.

Unlike the traditional reverse mortgage, HECM/ reverse for purchase loans require a down payment, which you must pay with your own cash.  Typically the down payment required is based on the borrower’s age.  The older the borrower is, the lower the down payment requirement will be. HECM/reverse for purchases are subject to the same guidelines as a standard HECM loan.